Given the paltry penetration of federal products over the years - FHA wrote only 1,006 EEMs in 2007 - poses at least two possible interpretations. The Feds are removed and unable to effectively drill down to localities and/or these programs are merely window dressing to convey the impression they are making a contribution they are, in fact, not really that keen on.
Dorian, thanks for the feedback. You may be right about the Fed lack of interest. What struck me about the new Fannie Mae instrument is that lenders don't know about it. In business, if you roll out a new product, you market the hell out of it, right? If you want to be successful, that is. I first learned about the Energy Improvement feature from RESNET about 5 months after the program was introduced. I made contact with some bankers and lenders, and it was news to everyone I spoke with. How hard is it to send an e-mail blast to your clients? Fannie Mae could have made that program national news if they half tried.
If anyone has actually used this Fannie Mae instrument, I would love to hear about it.